Essential record keeping

Guides and how to Banner

Whether you are keeping your records manually, use software or are using one of the various cloud-driven accounting systems we will need access to you accounting records to enable us to complete the work on the preparation of your financial statements.

In order to assist us in keeping our costs as low as possible you can help by ensuring that we have all that we need to prepare your accounts. Here are some general pointers:

File your purchase and sales invoices and correspondence in order

Record and analyse all your cash, bank, and credit or charge card transactions

Make sure you sub-total each page of your cash records and day books, providing totals at the end of each month. This may well be automatic if you are using accounting software.

Whether you will be able to meet your liabilities as and when they are due

The extent to which you could attract or increase outside finance

Your fast and slow moving stock lines

The levels of gross profit from your product lines

The extent to which additional working capital will be required to finance an expansion in trade

Whether you have adequate cash available to settle your debts as and when they fall due

Could your accounting systems be improved?

Does the structure of your business minimise our accounts work? We are required to report on each active company as a separate legal entity. It is normally more cost effective to structure an expanding business as a company with branches or divisions rather than as a group of separate companies.

Please discuss with us the other relevant services we are able to provide

We can help you plan your tax affairs in the most tax efficient way when you:

Invest in your business

Sell your business, land, or property

Enter into pension planning

Organise your estate to minimise your liability to inheritance tax

Do contact us if you would like further help or advice on this subject.

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